Business News in Brief

CBN sells ₦117b in Treasury Bill at Auction

Nigeria raised 117.17 billion naira at a treasury bill auction on Wednesday after allocating almost 90 percent of the debt to longer maturities, traders told Reuters.

The central bank sold 103.07 billion naira of one-year debt at a rate of 15.57 percent, 23.04 billion naira more than it had initially offered to sell in that maturity.

Investors bid as high as 18 percent for the one-year paper. However, the government has been offering debt at lower yields to track declining inflation, which fell for the ninth month in October to 15.91 percent.

EFCC joins Probe of Suspended SEC DG

The suspended director-general of the Securities and Exchange Commission, Mounir Gwarzo, is facing at least two enquiries over his role as helmsman of the commission since 2015.

Apart from the administrative enquiry ordered by the Minister of Finance, Mrs Kemi Adeosun, Gwarzo is also being investigated by the Economic and Financial Crimes Commission.

EFCC wants to unravel the owners of the nine companies that were awarded contracts by the SEC under Gwarzo.

Fitch Rates Nigeria's USD Notes 'B+'

Fitch Ratings has assigned Nigeria's USD1.5 billion 6.500% senior unsecured notes due 28 November 2027 and USD1.5 billion 7.625% senior unsecured notes due 28 November 2047 the final rating of 'B+'.

The final rating replaces the expected rating of 'B+(EXP)' that Fitch assigned on 15 November 2017.

The expected rating is in line with Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+' with a Negative Outlook.


CBN Supplies $288m to four Sectors

Nigeria’s central bank said it had injected $287.89 million into currency market on Friday to meet requests in four industries for dollars, extending efforts to boost liquidity and alleviate shortages.

The four industries targeted are agriculture, airlines, petroleum and raw materials, the Central Bank of Nigeria said in a statement.

The central bank said it would continue to intervene in order to drive growth in the economy and guarantee stability in the currency market.

Naira sells at ₦362.5 per Dollar at Parallel Market

The Naira on Tuesday traded at N362.5 to the dollar at the parallel market, the News Agency of Nigeria reports.

Meanwhile, the Pound Sterling and the Euro closed at N476 and N426 respectively.

At the Bureau De Change (BDC) window, the Naira flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively.

Trading at the interbank window saw the Naira closed at N359.87, while the CBN rate closed at N305.9 to the dollar.

African Economies: AfDB, Others, Pledge Additional Support

The African Union Commission (AUC), the African Development Bank (AfDB) and Economic Commission for Africa (ECA) have pledged to do more to support African governments to develop robust policies that will support its economic and social transformation through the optimum use the pledge was made at 2nd biennial Conference on Land Policy in Africa  with the theme: “The Africa We Want: Achieving socioeconomic transformation through inclusive and equitable access to land by the youth”, in Addis Ababa. Ethiopia.

FEC Approves ₦458m for Economic Recovery Labs

Nigeria’s Federal Executive Council (FEC) has approved the sum of N458 million for the engagement of consultants to conduct pilot labs as part of the implementation strategy for the country’s Economic Recovery and Growth Plan (ERGP).

This was one of the decisions taken at Wednesday’s cabinet meeting presided over by Vice President Yemi Osinbajo in the Council Chambers of the State House.

Minister of Budget and Planning, Senator Udoma Udo Udoma, announced this while briefing State House correspondents on the outcome of the meeting.

EFCC Recovers ₦738b –Magu

The Economic and Financial Crimes Commission (EFCC) on Wednesday in Austria said it recovered loots totalling N738.9 billion or $2.9 billion between May, 2015 and Oct. 20, 2017.

Its Acting Chairman, Mr Ibrahim Magu, stated this at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna.

Spokesman of the commission, Mr Wilson Uwujaren, gave account of Magu’s engagement in a statement in Abuja on Wednesday.

Nigeria Plans ₦119.9b Treasury Bill Auction

Nigeria plans to sell 119.94 billion naira of treasury bills at an auction on Nov 15., the central bank said on Wednesday.

The bank plans to offer 32.44 billion naira in three-month paper, 22.82 billion naira in six-month bills and 64.68 billion naira of a one-year note. Results of the auction will be announced on the same day.

The central bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.